Most procurement teams lack insight and visibility regarding their tail spend purchases. Many describe the process as “garbage in and garbage out,” because the company has never focused on structuring the data into a format that can provide actionable intelligence to the business.
FairMarkIT transforms how you look at and analyze your tail spend management. We provide a free price risk assessment to help companies identify what purchases are hurting them the most, and where they should begin to gain the largest savings in the shortest time. It is procurement, and although there are several important areas that do need to be addressed such as security, vendor management, fraud prevention…etc., the one that will always speak the loudest is true cost savings.
Most companies aren’t aware of their riskier purchases, and it costs them millions
While completing free price risk assessments across multiple companies, we’ve seen that on average procurement teams have a 30% delta between the prices they’ve paid for the exact same product over different purchase times. If you’re a small organization, analytics to identify individual purchases will move the needle, but the larger the company, the more complex and impossible it is to solve this with human brainpower alone. FairMarkIT automatically clusters and buckets groups of purchases by risk, and provides a clear roadmap to eliminate the price risk and drive savings. On top of that, we use technology to execute against the roadmap. Greater savings, with less time allocated.
Increase the productivity of your buyers and suppliers
We’ve spoken with hundreds of Chief Procurement Officers, VPs of Sourcing and Purchasing, and COOs, and they’ve unanimously asked us for trending and analytics on their buyers and suppliers. FairMarkIT enables executives with insight and control to have the knobs and levers to influence pricing, actions, and outcomes in less time than ever. You closely manage all other areas of your business, why should tail spend continue to be a black box?
Management decisions based off data, now available for tail spend
FairMarkIT provides out of the box rules that flag and notify areas of risk and potential savings. Instead of throwing these notifications into a management spam folder, FairMarkIT takes proactive actions to better enable the buyers and suppliers for future purchases. Executives can then review the 40,000 foot view to make long-term strategic decisions about organizations, partnerships, and entire categories of spend. We help companies get to the best price, in less time, and with much less effort for small to medium sized purchases.
“Procurement organization of all sizes continue to see cost reduction as their #1 objective. FairMarkIT’s innovative approach at optimizing tail spend will undoubtedly offer a solution and separate its clients from the rest of the pack.”
Former Chief Procurement Officer